Term life insurance is life insurance for a specific period
of time, usually from one to thirty years.

How long does a "term" last for term insurance?

Most life insurance companies offer term life insurance
lasting for a term of 5, 10, 15, 20, 25 or 30 years. Also, an annual renewable
term life insurance policy lasts for one year and may be renewed each year for
a higher premium.

With level term life insurance your rate is guaranteed to
remain the same each year for the duration of your term. Also, the amount of
life insurance coverage stays the same each year.

If you pass away during the term of your policy while
coverage is "In Force", your beneficiary (you choose) will receive the death
benefit proceeds from the life insurance policy, free from federal income tax.

If you are alive when the term of your term life insurance
policy ends, your life insurance expires and no death benefit is paid out. One
reason term life costs so much less than permanent life insurance is because
many people outlive the duration (term) of their term life policy.

Permanent life insurance is life insurance that lasts for
your entire lifetime, no matter how old you are when you die. It builds cash
value over time inside the policy from which the insured may take a loan.

The rate for your permanent policy is guaranteed to remain
the same each year.

Keep in mind, term life insurance plans usually provide a
convertibility option which means you may convert your term life insurance
policy into a permanent life insurance policy by a specific future date stated
in your term life policy.

So, if you decide you need permanent life insurance at some
point in the future after purchasing a term life policy, you may be able to
convert it into permanent coverage at a higher rate based on your age at that
time.

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